The United Kingdom’s Financial Conduct Authority (FCA) has issued a precautionary notice to 146 cryptocurrency firms, marking the maiden enforcement measure following the rollout of updated promotional guidelines that mandate registration with the FCA.
This warning underscores the FCA’s unwavering commitment to quashing illicit financial promotions that specifically target consumers within the United Kingdom. As part of this advisory, the FCA has revealed a list of companies that have yet to register with the authority, with prominent names like KuCoin and Huobi among them.
In explaining their approach, the FCA stated, “We adopt a risk-based methodology, which means that not all firms showing potential concerns will be immediately included. This list will undergo periodic updates as we identify entities possibly involved in the unlawful promotion of crypto assets and failing to engage in constructive dialogue with us.”
Several firms, including OKX and Binance, have made public pledges to adhere to the FCA’s promotional standards.
In recent developments, Komainu celebrated its successful registration with the FCA on October 6th, gaining the esteemed status of a custodian wallet provider under the newly introduced regulations. CEO Nicolas Bertrand conveyed, “This marks a significant regulatory milestone, especially given the UK’s prominent role as a hub for financial technology and innovation, driving the convergence of traditional and decentralized finance.”
August saw PayPal temporarily suspend its UK customers’ ability to purchase cryptocurrencies through its platform as a measure to ensure compliance with evolving regulations. Reports indicate that PayPal aims to reintroduce these services by 2024.
In a proactive move, ByBit also announced the suspension of its services toward the end of September. In an official blog post, the company reiterated its commitment to embracing regulation and adapting to the ever-evolving landscape of the cryptocurrency industry.
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